"Illicit financial flows are a major facilitator of poverty, crime, and corruption in both developed and developing countries," said Raymond Baker, director of Global Financial Integrity, a Washington D.C.-based research and advocacy organization. "Tax haven secrecy drains nearly $1 trillion from developing countries each year. This is money that could have been spent on health care, education, and infrastructure in the world's poorest countries while simultaneously shoring up budget deficits in Europe and the United States. The CUT Loopholes Act would be a tremendous step forward in curtailing these damaging illicit financial flows,”
Senate Democrats Introduce Legislation to Eliminate Corporate Tax Loopholes
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